ZOID RESEARCH 23- MAY-2014 : CRUDE OIL

Global oil prices ended lower on Thursday on profit booking after the rally a day before by ongoing violence in Libya and positive economic data in China and the United States. Brent and U.S. oil prices surged on Wednesday after a U.S. Energy Information Administration report showed crude stocks fell by 7.2 million barrels last week.



The conflict in Libya however are supporting oil prices, as the OPEC member's major western oilfields were still closed, and protesters shut the headquarters of a state oil company that runs the only eastern oil port that remained open during the nine-month stand-off with rebel groups.

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